Jinwu Financial News | According to the Zheshang Securities Research Report, the overall performance of China Tower (00788) grew steadily, achieving revenue of 94.09 billion yuan in 2023, an increase of 2.0% year on year, and net interest rate increased 0.87pp to 10.4% year on year. In the first quarter of 2024, the company achieved revenue of 23.974 billion yuan, an increase of 3.3% year on year, and net profit to mother of 2,784 billion yuan, an increase of 11.1% year on year. With the gradual implementation of the new commercial pricing agreement, the company's performance growth rate is expected to gradually recover.
The bank expects the company's revenue in 2024-2026 to be 985, 102.9, and 107.2 billion yuan, up 4.8%, 4.5%, and 4.1% year on year; net profit to mother will be 112, 134, and 21.7 billion yuan, up 15.0%, 19.5%, and 62.0% year on year, corresponding PE of 12.53, 10.48, and 6.47 times. Maintain a “buy” rating.